China announced a temporary exemption to tariffs on a certain amount of imported goods exhibited at the second China International Import Expo, according to a statement on the Ministry of Finance website on Tuesday.
An aerial photo taken on Nov 9, 2018, shows the National Exhibition and Convention Center in Shanghai. (Photo: Xinhua)
Imported goods that are exhibited at the expo will be exempted from import tariff from Tuesday to Sunday. The import value-added tax and consumption tax on those goods will be reduced to 70 percent of the tax payable, according to the statement.
For a list of 73 goods from 35 companies, the ministry has limited the sales quota that can enjoy the tariff cut policy. For other goods not on the list, the sales quota will not exceed $20,000, the statement said.
Similar measures were issued during the first China International Import Expo.
Imported goods, the statement explained, will exclude categories prohibited by the country, such as endangered animals and plants, as well as 20 kinds of goods and automobiles not subject to tax reduction and exemption.